Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]


10.	Property, Plant and Equipment, Net


As at December 31	2025							2024
	Cost		Accumulated DD&A			Net		Cost		Accumulated DD&A			Net

USA Operations
Proved properties	$	50,573	$	(39,294	)	$	11,279	$	50,246	$	(37,770	)	$	12,476
Unproved properties		316		-			316		741		-			741
Other		20		(2	)		18		48		(2	)		46
		50,909		(39,296	)		11,613		51,035		(37,772	)		13,263

Canadian Operations
Proved properties		19,560		(17,163	)		2,397		15,763		(14,821	)		942
Unproved properties		118		-			118		23		-			23
Other		12		(5	)		7		10		(5	)		5
		19,690		(17,168	)		2,522		15,796		(14,826	)		970

Corporate & Other		832		(723	)		109		807		(676	)		131
	$	71,431	$	(57,187	)	$	14,244	$	67,638	$	(53,274	)	$	14,364

USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $151 million, which have been capitalized during the year ended December 31, 2025 (2024 - $181 million).

In 2025, the Company recognized before-tax non-cash ceiling test impairments of $871 million (2024 - $450 million; 2023 - nil) and $49 million (2024 - nil; 2023 - nil) in the Canadian Operations and USA Operations, respectively. The non-cash ceiling test impairments primarily resulted from the 12-month average trailing prices used in the ceiling test at March 31, 2025, which were lower than the market prices used for the Montney Acquisition on January 31, 2025, and declines in the 12-month average trailing prices during the year, which reduced proved reserves in both the Canadian and USA Operations.

The 12-month average trailing prices used in the ceiling test calculations reflect benchmark prices adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. The benchmark prices are disclosed in Note 29.